Brown University Will End Student Loans Next Fall

By: LoydMartin

Starting next fall, Brown Univeristy undergraduates will notice a big change in their financial aid packages.

Here’s what you need to know:

Scholarships, Not Loans

For all Brown-packaged financial aid awards, the Providence, Rhode Island university will replace student loans with scholarship funds (that do not have to be repaid) for all returning and incoming undergraduates starting in the 2018-2019 academic year.

The announcement today comes after Brown reached its ambitious $30 million fundraising goal launched this past September.

According to Brown, a total of 2,087 donors pledged their support to this fundraising effort. To ensure the longevity of the new initiative, Brown plans to raise an additional $90 million.

Larger Fundraising Effort

The fundraising for The Brown Promise is part of a wider university effort to raise $500 million for undergraduate financial aid as part of the $3 billion BrownTogether campaign.

“The response so far to The Brown Promise has been nothing short of phenomenal,” said Brown President Christina Paxson in a statement. “This initiative takes financial aid at the University to the next level, helping us do more for moderate-income students and families. It amplifies our commitment to bringing the best and brightest students to Brown regardless of their socioeconomic background.”

Leave a Comment